Sarawak Consolidated Industries Berhad (KLSE:SCIB) entered into a conditional share sale agreement to acquire Carlton Gardens Sdn Bhd from Gaya Belian Sdn. Bhd., Brian Francis Ticcioni and Asgari bin Mohd Fuad Stephens for MYR 9.6 million on December 29, 2016. Under the terms of transaction Sarawak Consolidated Industries Berhad (KLSE:SCIB) will acquire 4.5 million Carlton Gardens Sdn Bhd shares for MYR 9.5 million and first 30% of consideration is to be paid in cash; and remaining 70% of consideration to be paid in combination of cash and new 7.3 million Sarawak Consolidated Industries Berhad shares. The transaction will be funded by Sarawak Consolidated Industries Berhad internally generated funds and issuance of consideration shares provides an opportunity to the sellers to participate in the future growth of SCIB as shareholders. For the year ended December 31, 2015 Carlton Gardens Sdn Bhd reported revenue of MYR 65.9 million. The transaction is conditional upon the completion of the proposed par value reduction and proposed M&A amendments; Bursa Securities for the listing of and quotation for the consideration shares to be issued pursuant to the proposed acquisition and the placement shares to be issued pursuant to the proposed private placement on the main market of Bursa Securities duly executed but undated board resolution of Carlton Gardens Sdn Bhd to inter alia appoint such persons as Sarawak Consolidated Industries Berhad may nominate as directors and/or officers of Carlton Gardens Sdn Bhd; approve the resignation of such persons as required by Sarawak Consolidated Industries Berhad for all his/their roles in Carlton Gardens Sdn Bhd; approve the resignation of such persons as required by Sarawak Consolidated Industries Berhad and/or nominated by the sellers as directors and/or officers of Carlton Gardens Sdn Bhd; approve the execution of this agreement; and all applicable governmental, regulatory and/or third party consents or approvals if any, and completion of the on-going commercial, legal, tax financial and operational due diligence exercise on Carlton Gardens Sdn Bhd and its business, assets and affairs by Sarawak Consolidated Industries Berhad and the results of such due diligence exercise being satisfactory to Sarawak Consolidated Industries Berhad in its sole discretion and other customary conditions. The transaction is expected to be completed by first quarter of 2017. As of February 17, 2017, all condition related to first 30% of consideration has been fulfilled. As on March 3, 2017, the Board of Directors of Sarawak Consolidated Industries Berhad announced that Sarawak Consolidated Industries Berhad has revised the proposal announced on December 28, 2016. The proposed par value reduction is no longer applicable. The proposed amendments to the memorandum of association and Articles of Association of Sarawak Consolidated Industries Berhad and the issue price of the placement shares in relation the the proposed private placement shall not be priced at a discount of more than ten percent. As of May 26, 2017, the date of fulfillment of the conditions is extended for a further two months from the date of the letter of agreement. As of May 31, 2017, all conditions precedent to tranche 2 have been fulfilled and the consideration of MYR 2.4 million will be paid in cash and through issue of 7.3 million shares. Inter-Pacific Securities Sdn Bhd acted as financial advisor for Sarawak Consolidated Industries Berhad. The transaction are not expected to have any material effect on the earnings of Sarawak Consolidated Industries Berhad for year ended December 31, 2016, as they are expected to be completed by the second quarter of the year 2017. Sarawak Consolidated Industries Berhad (KLSE:SCIB) completed the acquisition of Carlton Gardens Sdn Bhd from Gaya Belian Sdn. Bhd., Brian Francis Ticcioni and Asgari bin Mohd Fuad Stephens on July 3, 2017.